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The purpose of this work is to understand the learning affordances of two different types of simulation-based activities through a quasi-experimental comparative study. We created two versions of a curricular unit—one as a participatory simulation activity (PartSim), the other as a model-based inquiry activity with an agent-based model (ABM). We implemented this unit in two high school economics classes and compared the two modalities in terms of class dynamics and students’ exploration processes. We found striking differences in class time allocation and the ways in which students take perspectives. These findings reveal the learning affordances of the simulation activities we tested, which can inform future design and selection of similar simulation-based learning environments.